HONG KONG -- First Union Corp. said it has formed a joint venture with the Hongkong Chinese Bank Ltd. to support U.S. companies trading with Asia.

Known as First Union HKCB Asia Ltd., the 50-50 joint venture is a deposit-taking entity headquartered in Hong Kong and capitalized initially at $3.2 million. It will provide trade finance products and services to importers and exporters in the United States, China, and Hong Kong.

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